AGM Statement

Teather & Greenwood Holdings PLC
12 August 2003


TEATHER & GREENWOOD HOLDINGS PLC

12 August 2003

AGM trading statement


At today's Annual General Meeting of Teather & Greenwood Holdings plc ('Teather
& Greenwood' or 'the Group'), Jeremy Delmar-Morgan, Chairman, made the following
comments:


'The increased market volumes that I referred to in the annual report have
continued and there has been an improvement in investor sentiment.  These
factors, together with our realigned cost base, have ensured that the Group has
traded profitably in the year to date.


During the first two months of our new financial year (May to June) average
monthly volume of total LSE agency business has increased by over 30% compared
with the final four months of the previous financial year (Jan to Apr) which
encompassed the Iraqi War. This, combined with an improved market share, has
resulted in Teather & Greenwood increasing its average monthly equity based
commissions significantly during the period.


In Corporate Finance we have completed a number of transactions including
placings in relation to Ottakar's PLC and Majestic Wine plc; the disposal of
Weeks Group plc to Bureau Veritas; acted in the market to buy a stake in IDS
Group plc on behalf of Twins Acquisition, Inc and acted for Global Group plc on
it's disposal of it's meat trading division and move to AIM from the Official
List under the name Canterbury Foods.  Looking forward, the early signs of
improvement in our deal 'pipeline' referred to in our results announcement have
continued.  Two of our corporate broking clients are currently subject to
recommended offers and we have a number of other potential transactions being
processed.


Since the start of the fiscal year the management buy-out of the ordinary shares
of Property Income & Growth Fund by Land Race Limited, on which the Investment
Funds department advised, was successfully completed and we have completed a £10
million tender offer on behalf of BC Property Securities Limited.  We are also
advising Fidelity's Thailand International Fund on its restructuring, announced
earlier this year.


Teather & Greenwood's research department continues to develop its overall
franchise with the large UK institutional groups.  Its reputation is growing all
the time, as shown by recent surveys.  The latest AQ survey which measures the
accuracy of brokers earnings forecasts, puts Teather & Greenwood in first place
against all brokers covering UK stocks.  This is a highly commendable result
given our resource levels compared with the global and middle tier houses.


In addition to the improvement in our trading operations, the Group has recently
received £1 million in cash, being the additional two amounts that resulted from
the sale of part of Teather & Greenwood Investment Management.  £750,000 was
accounted for in the previous financial year, but a further £250,000 will be
attributable to this year's Profit & Loss Account.


We continue to recruit selectively into areas of our operations where we see
opportunities, whilst at the same time keeping a tight overall control on costs.
It is our intention to put in place a Share Incentive Plan for all staff in
the near future.


We now have a cost base that should assist us to sustain profitability in
subdued markets and a business that is well positioned to benefit from the
recent improvement in market conditions.


ENQUIRIES:


Teather & Greenwood                                           Tel: [phone]
Ken Ford, Chief Executive
Nick Stagg, Chief Operating Officer

College Hill                                                  Tel: [phone]
Richard Pearson                                            Mobile: [phone]
Gareth David                                               Mobile: [phone]


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